Annual report of the Town of Hampton, New Hampshire

TOWN OF HAMPTON, NEW HAMPSHIRE
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998
NOTE 4 - LIABILITIES
A. Landfill Closure and Postclosure Care Costs
Federal and State laws and regulations require that the Town place a final cover on its
unlined
landfill and perform certain maintenance and monitoring functions at the landfill site after closure.
The Town is currently in the process of closing its municipal landfill and the current expenditures
related thereto are reflected in the Municipal Landfill Closure Capital Projects Fund. A liability
is being recognized in the General Long-Term Debt Account Group for the future postclosure care
costs of $708,000 (Estimated $25,000 per year for 28 years) which is based on the amount that
would be paid if all services required to monitor and maintain the landfill were acquired as of
December 31, 1998. However, the actual cost of postclosure care may change due to inflation,
changes in technology or changes in landfill laws and regulations.
The Town expects to finance the postclosure care costs by General Fund Revenue.
B. Long-Term Debt
The following is a summary of the Town's general long-term debt transactions for the fiscal year
ended December 31, 1998:
General Long-Term Debt
Account Group
Accrued
General Capital Compensated Landfill
Obligation Leases Absences Postclosure
Debt Payable Payable Payable Care Cost
Total
Balance, Beginning
of Year
Issued
Retired
Net increase in
compensated absences
payable
Net (decrease) in
Accrued Landfill
Postclosure Care Costs
$10,752,555 $ $822,401 $725,000 $12,299,956
21,458
147,828 143,395 291,223
(870,496) (39,941) (910,437)
21,458
(25.000 )
(25.000)
Balance, End of Year $ 10.029.887 $ 103.454 $ 843.859 $ 700.000 $11.677.200
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